`U. S. Securities and Exchange Commission
                                   Washington, D.C. 20549

                                        FORM 10-KSB


[X]  ANNUAL REPORT  PURSUANT TO SECTION 13 OR 15(d) OF THE  SECURITIES  EXCHANGE
     ACT OF 1934

     For the fiscal year ended March 31, 2003

[ ]  TRANSITION  REPORT  PURSUANT  TO  SECTION  13 OR 15(d) OF THE  SECUITIES
     EXCHANGE ACT OF 1934

      For the transition period from _______ to _______

                                 Commission File No. 0-9458

                                 Eagle Exploration Company
                       (Name of small business issuer in its charter)

      Colorado                                        84-0804143
      --------                                        ----------
(State or other jurisdiction of           (IRS Employer Identification Number)
incorporation or organization)

                     1801 Broadway, Suite 810, Denver, Colorado, 80202
                     -------------------------------------------------
                   (Address and zip code of principal executive offices)

Registrant's telephone number, including area code: (303) 296-3677

                   1630 Welton Street, Suite 530, Denver, Colorado 80202
                   -----------------------------------------------------
                       (Former address if changed since last report)

Securities registered pursuant to Section 12 (b) of the Act:  None
Securities registered pursuant to Section 12 (g) of the Act:

                                 Common Stock, No Par Value
                                 --------------------------
                                      (Title of Class)

     Check  whether  the issuer (1) filed all  reports  required  to be filed by
Section 13 or 15(d) of the  Securities  Exchange  Act of 1934 during the past 12
months (or for such shorter period that the registrant was required to file such
reports),  and (2) has been subject to such filing  requirements for the past 90
days. Yes [X] No [ ]

     Check if there is no disclosure  of  delinquent  filers in response to Item
405 of  Regulation  S-B  contained  in  this  form,  and no  disclosure  will be
contained,  to the  best of  registrant's  knowledge,  in  definitive  proxy  or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB [X]

     Issuer's revenues for the fiscal year ended March 31, 2003, were $58,241.

     At June 25,  2003,  3,072,836  shares of common  stock,  no par value,  the
registrant's only class of voting stock were  outstanding.  The aggregate market
value of the 1,186,256 common shares of the registrant held by nonaffiliates was
approximately  $177,938 at June 25, 2003,  based on the mean between the bid and
asked  prices  on the OTC  Bulletin  Board.  See  Item 5 herein  for  additional
information in this regard.

     Documents incorporated by reference: None

     Transitional Small Business Disclosure Format: Yes [ ] No [X]



                                     PART I

Item 1.  Description of Business.

Nature of Business and Management's Plan

     Eagle Exploration Company's history of operations includes the purchase and
development of residential  and commercial  real estate.  See Item 6 below for a
description of two of the Company's current projects.  In 1992 the Company began
the change of its focus from oil and gas exploration to real estate development,
and in  connection  with this change  subsequently  sold most of its oil and gas
interests  and  investments.  However,  the  Company  continues  to  hold  minor
interests in oil and gas properties and indirect  interests by acquiring  equity
in other  oil and gas  companies.  The  Company  is also  investigating  various
potential acquisitions and other business opportunities.

     All statements  other than  statements of historical  fact included in this
annual  report  regarding  the  Company's  financial  position and operating and
strategic  initiatives and addressing industry  developments are forward-looking
statements.  Where,  in  any  forward-looking  statement,  the  Company,  or its
management,  expresses  an  expectation  or belief as to  future  results,  such
expectation  or  belief  is  expressed  in good  faith  and  believed  to have a
reasonable  basis,  but  there  can  be  no  assurance  that  the  statement  of
expectation or belief will result or be achieved or accomplished.  Factors which
could cause actual results to differ materially from those anticipated,  include
but are not limited to general economic,  financial and business conditions; the
business  abilities  and  judgments of  management;  the impact of unusual items
resulting  from  ongoing  evaluations  of  business  strategies;  and changes in
business strategy.

Employees

     As of June 25, 2003, the Company had two full-time  employees.  The Company
has and may retain independent consultants from time to time on a limited basis.


Item 2.  Properties.

     The  Company's  assets  consist  of cash and cash  equivalents,  marketable
securities,  real estate held for sale,  option to purchase real estate,  office
furniture and equipment, and minor interests in oil and gas properties including
one lease operated by the Company. See the Consolidated Financial Statements and
Notes related thereto in Item 7 below.


Item 3.  Legal Proceedings.

     No litigation is pending or threatened.


Item 4.  Submissions of Matters to a Vote of Security Holders.

     No matter was submitted  during the fourth quarter of fiscal 2003 to a vote
of the Company's security holders.


                                     PART II

Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.

     The table below  presents the range of high and low bid  quotations for the
Company's  common  stock on a  calendar  quarter  basis as  reported  on the OTC
Bulletin Board. The Company's  trading symbol is EGXP.OB.  There is little or no
trading in the Company's common stock,  hence the quotations set forth below may
not  represent  actual  transactions  and do not represent  transactions  in any
material number of the Company's shares.


                                    High Bid          Low Bid
                                    ========          =======
      2001
      ----
      2nd quarter                   $.30              $.20
      3rd quarter                   $.40              $.25
      4th quarter                   $.30              $.10

      2002
      ----
      1st quarter                   $.20              $.05
      2nd quarter                   $.30              $.10
      3rd quarter                   $.35              $.15
      4th quarter                   $.24              $.06

      2003
      ----
      1st quarter                   $.24              $.06

     As of June 25, 2003,  the Company had  approximately  500  shareholders  of
record of its common stock.

     Holders of common stock are  entitled to receive  such  dividends as may be
declared by the Company's Board of Directors.  The Company has paid no dividends
on its common stock, nor does the Company anticipate that such dividends will be
paid in the foreseeable future.


Item 6. Management's  Discussion and Analysis of Financial Condition and Results
of Operations.

     The  following   discussion   should  be  read  in  conjunction   with  the
Consolidated Financial Statements and Notes thereto in Item 7 below.

     The Company's  cash and cash  equivalents  at March 31, 2003 were $720,331.
The Company's cash and certificates of deposits at March 31, 2002 were $958,294.
This decrease is primarily due to operating expenses and option payments.

     Real estate held for sale  remained the same at $301,275 for the year ended
March  31,  2003.  The  Company  owns  a 55  percent  interest  in  a  one-acre,
undeveloped  commercial  lot. On October 22,  2002,  the Company  entered into a
contract  to sell the  property at a purchase  price of $560,000  subject to the
buyer obtaining all governmental approvals and permits for buyer's proposed use.
Most recently the City of Thornton,  Colorado, approved the buyer's proposed use
and is currently  reviewing the development  plans and building permit.  Pending
its approval, closing on this parcel is anticipated in the near future.

     On August 20, 2001, the Company and its partners formed Buffalo  Highlands,
LLC. The Company owns a 25 percent interest in the LLC and is a co-manager.  The
newly  formed LLC entered in to an Option  Agreement  to  purchase  320 acres of
undeveloped  land.  The Option  Agreement,  among other  things,  provides for a
$25,000  earnest money payment and four $200,000  annual option  payments  until
closing which is scheduled to occur on or before  December 31, 2005. The earnest
money and option  payments apply to the purchase price of $5,000,000.  It is the
intent of the LLC to improve the property by obtaining  the proper  entitlements
for  single  and multi  family  use.  During the  entitlement  process  and upon
completion, the property will be marketed. The LLC plans to rezone the property,
plat the property for high-density  residential use, and sell the property prior
to the  expiration  date of the  Option  Agreement.  The  Company  made  capital
contributions of $128,000 to the LLC in fiscal 2003.

     On March 7, 2003, the Company  entered into a non-binding  letter of intent
with a national homebuilder, describing among other things, the option to sell a
minimum  of 600  lots on the  property  held by the LLC at a  purchase  price of
$19,500  per lot,  subject to  obtaining  final plat and  sufficient  water taps
pursuant to the terms and  conditions of that certain Water  Resource  Agreement
between  the LLC and the  Water  and  Sanitation  District.  A formal  agreement
detailing these terms and conditions are in the process.

     Stockholders'  equity  decreased  from  $1,788,449  at March 31,  2002,  to
$1,608,445  at March 31, 2003 or $180,004.  The Company  incurred an  unrealized
loss on  investments  available-for-sale  for the year ended  March 31,  2003 of
$80,569 as compared to an unrealized loss on investments  available-for-sale  of
$614,899 for the year ended March 31, 2002.

Results of Operations

Fiscal 2003 Compared with Fiscal 2002

     Oil and gas  royalties  for the year ended March 31, 2003,  were $58,241 as
compared to $72,608 for the year ended March 31,  2002.  Interest  and  dividend
income for the year ended  March 31,  2003 was  $34,347,  and for the year ended
March 31, 2002 interest and dividend income was $61,160. These decreases are due
to lower oil and natural gas prices as well as lower interest rates derived from
less cash and cash equivalents.

     Total expenses for the year ended March 31, 2003 were $203,558 and $205,987
for the  year  ended  March  31,  2002.  During  2003  the  Company  elected  to
permanently   write   down   the   value   of   several   of   its   investments
available-for-sale  to the fair market value as of March 31, 2003. The permanent
write down of  investments  totaled  $743,377 for the year ended March 31, 2003.
This  resulted in a net loss for the year ended  March 31, 2003 of $842,812  and
$80,529 for the year ended March 31, 2002. Comprehensive loss for the year ended
March 31, 2003 was $180,004 and $695,428 for the year ended March 31, 2002.


Financial Condition, Liquidity and Capital Resources

     The Company  believes its working  capital  position will enable it to meet
its cash operating  requirements  during the next 12 months.  In any event,  its
focus  during  fiscal 2004 will  largely be directed to closing its contract for
the sale of the commercial lot as well as finalizing the  negotiations  required
to execute a formal  contract with the national  homebuilder  on the option land
held by the LLC.

Critical Accounting Policies

     We  have  identified  the  policies  below  as  critical  to  our  business
operations and the  understanding  of our results of operations.  The impact and
any  associated  risks related to these  policies on our business  operations is
discussed throughout Management's Discussion and Analysis of Financial Condition
and Results of Operations  where such policies  affect our reported and expected
financial results.

     In the ordinary course of business,  we have made a number of estimates and
assumptions  relating to the  reporting of results of  operations  and financial
condition in the  preparation  of our financial  statements  in conformity  with
accounting  principles  generally accepted in the United States.  Actual results
could differ significantly from those estimates under different  assumptions and
conditions. We believe that the following discussion addresses our most critical
accounting policies, which are those that are most important to the portrayal of
our  financial  condition  and  results  of  operations  and  require  our  most
difficult,  subjective,  and complex judgments, often as a result of the need to
make estimates about the effect of matters that are inherently uncertain.

     The  accounting   policies   critical  to  our  business   include  revenue
recognition, accounting for stock-based compensation,  marketable securities and
asset retirement costs.

Recently Issued Accounting Pronouncements

     In December 2002, the FASB issued SFAS No. 148  "Accounting for Stock-Based
Compensation-  Transition and  Disclosure".  This statement amends SFAS No. 123,
"Accounting  for Stock-Based  Compensation"  to provide  alternative  methods of
transition  for an entity that  voluntarily  changes to the fair value method of
accounting  for  stock-based  compensation.  In  addition,  SFAS 148  amends the
disclosure  provision of SFAS 123 to require more prominent disclosure about the
effects of an entity's  accounting  policy decisions with respect to stock-based
employee  compensation  on reported  net  income.  The  effective  date for this
Statement  is for fiscal years ended after  December 15, 2002.  The Company does
not expect  the  adoption  of this  statement  to have a material  effect on the
Company's financial statements.

     In June  2002,  the  FASB  issued  SFAS  No.  146,  "Accounting  for  Costs
Associated with Exit or Disposal  Activities." SFAS No. 146 addresses accounting
and  reporting  for  costs  associated  with  exit or  disposal  activities  and
nullifies Emerging Issues Task Force Issue No. 94-3, "Liability  Recognition for
Certain  Employee  Termination  Benefits  and  Other  Costs to Exit an  Activity
(Including  Certain Costs Incurred in a  Restructuring)."  SFAS No. 146 requires
that a liability  for a cost  associated  with an exit or  disposal  activity be
recognized and measured  initially at fair value when the liability is incurred.
SFAS No. 146 is effective  for exit or disposal  activities  that are  initiated
after December 31, 2002, with early application encouraged. The Company does not
expect the adoption of this statement to have a material effect on the Company's
financial statements.

     In June  2001,  the  FASB  issued  SFAS  No.  143,  "Accounting  for  Asset
Retirement Obligations." SFAS No. 143 requires the fair value of a liability for
an asset  retirement  obligation  to be  recognized in the period in which it is
incurred  if a  reasonable  estimate of fair value can be made.  The  associated
asset  retirement  costs are  capitalized as part of the carrying  amount of the
long-lived  asset.  SFAS No. 143 is effective for years beginning after June 15,
2002. The Company  believes the adoption of this statement will have no material
impact on its consolidated financial statements.


                   EAGLE EXPLORATION COMPANY AND SUBSIDIARIES

Item 7.  Financial Statements.


                                     Table of Contents


Independent Auditors' Report

Consolidated Financial Statements

      Consolidated Balance Sheet

      Consolidated Statements of Operations

      Consolidated Statement of Changes in Stockholders' Equity

      Consolidated Statements of Cash Flows

Notes to Consolidated Financial Statements





                                INDEPENDENT AUDITORS' REPORT




Board of Directors and Stockholders
Eagle Exploration Company and Subsidiaries
Tustin, California


We have audited the accompanying consolidated balance sheet of Eagle Exploration
Company and  Subsidiaries  as of March 31,  2003,  and the related  consolidated
statements of operations, changes in stockholders' equity and cash flows for the
years ended March 31, 2003 and 2002. These consolidated financial statements are
the responsibility of the Company's management. Our responsibility is to express
an opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the  United  States of  America.  Those  standards  require  that we plan and
perform the audit to obtain reasonable  assurance about whether the consolidated
financial  statements  are free of  material  misstatement.  An  audit  includes
examining,  on a test basis,  evidence supporting the amounts and disclosures in
the  consolidated  financial  statements.  An audit also includes  assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall  consolidated  financial  statement  presentation.  We
believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated  financial statements referred to above present
fairly, in all material  respects,  the financial  position of Eagle Exploration
Company  and  Subsidiaries  as of  March  31,  2003,  and the  results  of their
operations  and their cash flows for the years  ended March 31, 2003 and 2002 in
conformity with accounting principles generally accepted in the United States of
America.


                                             /s/Ehrhardt Keefe Steiner & Hottman PC
                                             Ehrhardt Keefe Steiner & Hottman PC

June 11, 2003
Denver, Colorado




                                 Consolidated Balance Sheet
                                       March 31, 2003


                                           Assets

Current assets
  Cash and cash equivalents                                            $     720,331
  Marketable securities                                                      317,468
  Accounts receivable                                                         13,157
                                                                       -------------
      Total current assets                                                 1,050,956
                                                                       -------------

Non-current assets
  Office furniture, equipment and other, net of
   accumulated depreciation of $233,050                                       43,875
  Real estate held for sale                                                  301,275
  Equity investment in LLC                                                   202,739
  Other assets                                                                24,837
                                                                       -------------
      Total non-current assets                                               572,726
                                                                       -------------

Total assets                                                           $   1,623,682
                                                                       =============

                            Liabilities and Stockholders' Equity

Current liabilities
  Accounts payable                                                     $       9,088
  Accrued expenses                                                             6,149
                                                                       -------------
      Total liabilities                                                       15,237
                                                                       -------------

Commitments

Stockholders' equity
  Common stock, no par value; authorized 10,000,000
   shares; 3,072,836 shares issued and outstanding                         6,632,998
  Accumulated deficit                                                     (5,028,473)
  Unrealized gain on investments available-for-sale                            3,920
                                                                       -------------
      Total stockholders' equity                                           1,608,445
                                                                       -------------

Total liabilities and stockholders' equity                             $   1,623,682
                                                                       =============


                See notes to consolidated financial statements.



                      Consolidated Statements of Operations


                                                             For the Years Ended
                                                                   March 31,
                                                          --------------------------
                                                              2003          2002
                                                          ------------   -----------
Revenues
  Oil and gas                                              $    58,241   $    72,608
                                                           -----------   -----------
      Total revenues                                            58,241        72,608
                                                           -----------   -----------

Expenses
  Depreciation                                                   6,975         8,508
  General and administrative expenses                          196,583       197,479
                                                           -----------   -----------
      Total expenses                                           203,558       205,987
                                                           -----------   -----------

Loss from operations                                          (145,317)     (133,379)
                                                           -----------   -----------

Other income (expense)
  Interest and dividend income                                  34,347        61,160
  Realized loss on investments available-for-sale             (742,550)       (9,344)
  Other                                                         10,708         1,034
                                                           -----------   -----------
      Total other (expense) income                            (697,495)       52,850
                                                           -----------   -----------

Net loss before other comprehensive income (loss)             (842,812)      (80,529)
                                                           -----------   -----------

Other comprehensive income (loss)
  Unrealized loss on investments available-for-sale
   during the year                                             (80,569)     (614,899)
  Plus:  reclassification adjustment for losses
   included in net income                                      743,377            -
                                                           -----------   ----------
      Total other comprehensive income (loss)                  662,808      (614,899)
                                                           -----------   -----------

Comprehensive loss                                         $  (180,004)  $  (695,428)
                                                           ===========   ===========

Basic and diluted weighted average common shares
 outstanding                                                 3,072,836     3,072,836
                                                           ===========   ===========

Basic and diluted loss per common share                    $     (0.27)  $     (0.03)
                                                           ===========   ===========


                      See notes to consolidated financial statements.



                 Consolidated Statement of Changes in Stockholders' Equity
                        For the Years Ended March 31, 2003 and 2002


                                                                          Other
                                 Common Stock                          Accumulated      Total
                              -----------------------    Accumulated  Comprehensive   Stockholders'
                               Shares       Amount         Deficit        Loss          Equity
                              ---------   -----------    -----------    ----------    -----------
Balance - March 31, 2001      3,072,836   $ 6,632,998    $(4,105,132)   $  (43,989)   $ 2,483,877

Net loss                             -             -         (80,529)           -         (80,529)

Unrealized loss on
 investments
 available-for-sale                  -             -              -       (614,899)      (614,899)
                              ---------   -----------   ------------   -----------   ------------

Balance - March 31, 2002      3,072,836     6,632,998     (4,185,661)     (658,888)     1,788,449

Net loss                             -             -        (842,812)           -        (842,812)

Unrealized loss on
 investments
 available-for-sale during
 the year                            -             -              -        (80,569)       (80,569)

Plus:  reclassification
 adjustment for losses
 included in net income              -             -              -        743,377        743,377
                              ---------   -----------   ------------    ----------   ------------

Balance - March 31, 2003      3,072,836   $ 6,632,998    $(5,028,473)   $    3,920   $  1,608,445
                              =========   ===========   ============    ==========   ============

                      See notes to consolidated financial statements.



                           Consolidated Statements of Cash Flows


                                                             For the Years Ended
                                                                   March 31,
                                                          --------------------------
                                                              2003          2002
                                                          ------------   -----------
Cash flows from operating activities
  Net loss                                                 $  (842,812)  $   (80,529)
                                                           -----------   -----------
  Adjustments to reconcile net loss to net cash used in
   operating activities
   Realized loss on investments                                742,550         9,344
   Depreciation                                                  6,975         8,508
   Loss on disposal of fixed assets                              3,125            -
   Changes in assets and liabilities
     Accounts receivable                                        (7,282)       (1,862)
     Prepaid expenses                                            1,800            -
     Accounts payable                                           (6,292)       (4,005)
     Accrued expenses                                           (1,999)           -
                                                           -----------   ----------
                                                               738,877        11,985
                                                           -----------   -----------
      Net cash used in operating activities                   (103,935)      (68,544)
                                                           -----------   -----------

Cash flows from investing activities
  (Purchase) redemption of certificates of deposit             297,043      (297,043)
  Purchases of office furniture and equipment                  (29,873)       (1,537)
  Proceeds from sale of investments available-for-sale          24,584       262,511
  Additional equity investment in LLC                         (128,739)      (74,000)
                                                           -----------   -----------
      Net cash provided by (used in) investing
      activities                                               163,015      (110,069)
                                                           -----------   -----------

Net increase (decrease) in cash                                 59,080      (178,613)

Cash and cash equivalents - beginning of year                  661,251       839,864
                                                           -----------   -----------

Cash and cash equivalents - end of year                    $   720,331   $   661,251
                                                           ===========   ===========

Supplemental disclosure of non-cash activity:

     The Company incurred  unrealized  losses on investments  available-for-sale
     for the years ended March 31, 2003 and 2002 of  $(80,569)  and  $(614,899),
     respectively.

                See notes to consolidated financial statements.



                   Notes to Consolidated Financial Statements


Note 1 - Description of Business and Summary of Significant Accounting Policies

Eagle Exploration  Company and Subsidiaries (the "Company")  primary  operations
currently  include the purchase and  development of  residential  and commercial
real estate.  In 1992 the Company began the change of its focus from oil and gas
exploration  to real  estate  development,  and in  connection  with this change
subsequently sold most of its oil and gas interest and investments. However, the
Company continues to hold minor interests in oil and gas properties and indirect
interests by  acquiring  equity in other oil and gas  companies.  The Company is
also   investigating   various   potential   acquisitions   and  other  business
opportunities.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of Eagle
Exploration  Company  and  its  subsidiaries.   All  intercompany  accounts  and
transactions have been eliminated in  consolidation.  The following is a listing
of wholly  owned  subsidiaries  of Eagle  Exploration  Company:  Colorado  Eagle
Exploration Company,  Emsen Energy, Inc., Eagle Development Company and Overland
Energy, Inc.

Cash and Cash Equivalents

The Company considers all highly liquid  instruments  purchased with an original
maturity of three months or less to be cash equivalents. The Company continually
monitors  its  positions   with,  and  the  credit  quality  of,  the  financial
institutions  with  which  it  invests.  As  of  the  balance  sheet  date,  and
periodically throughout the year, the Company has maintained balances in various
operating accounts in excess of federally insured limits.

Marketable Securities

The Company  classifies  its investment  securities in one of three  categories:
trading, available-for-sale, or held-to-maturity.  Trading securities are bought
and  held  principally  for  the  purpose  of  selling  them in the  near  term.
Held-to-maturity  securities  are those  securities in which the Company has the
ability and intent to hold the security until maturity. All other securities not
included in trading or held-to-maturity are classified as available-for-sale.

Held-to-maturity  securities  are recorded at amortized  cost,  adjusted for the
amortization   or   accretion   of   premiums   or   discounts.    Trading   and
available-for-sale  securities  are recorded at fair value.  Unrealized  holding
gains and losses on trading  securities  are  included in  earnings.  Unrealized
holding  gains and losses on  available-for-sale  securities  are excluded  from
earnings and are reported as a separate component of stockholder's  equity until
realized.  Transfers of securities between categories are recorded at fair value
at the date of transfers.

Realized gains and losses for securities  classified as  available-for-sale  and
held-to-maturity are recognized in earnings upon sale or redemption at maturity.
The specific  identification  method is used to determine the cost of securities
sold.   Discounts   or   premiums   are   accreted   or   amortized   using  the
level-interest-yield  method to the  earlier of the call date or maturity of the
related held-to-maturity security.

During 2003, the Company elected to permanently  write down the value of several
of its investments  available-for-sale  to the fair market value as of March 31,
2003. The amount  recognized as a permanent  write down of  investments  totaled
$743,377 for the year ending March 31, 2003 and has been  included as a realized
loss  on  investments   available-for-sale  on  the  accompanying   consolidated
statements of operations.

Property and Equipment

Property and  equipment is stated at cost.  Depreciation  is provided  utilizing
straight-line  and accelerated  methods over the estimated  useful lives of five
years for owned assets.

Fair Value of Financial Instruments

The  carrying  amounts  of  financial   instruments   including  cash  and  cash
equivalents,  receivables  and accounts  payable  approximated  fair value as of
March 31, 2003 because of the relatively short maturity of these instruments.

The  carrying  amounts  of  investments  available-for-sale  are based on quoted
market values.

Long-Lived Assets

The Company  reviews its  long-lived  assets for impairment  whenever  events or
changes in circumstances  indicate that the carrying amount of the asset may not
be recovered.  The Company looks primarily to the undiscounted future cash flows
in its assessment of whether or not long-lived assets have been impaired.

Income Taxes

The  Company  recognizes  deferred  tax  liabilities  and  assets  based  on the
differences  between the tax basis of assets and  liabilities and their reported
amounts in the  financial  statements  that will result in taxable or deductible
amounts in future years. The Company's  temporary  differences  result primarily
from fixed assets and oil and gas property.

Revenue Recognition

The Company  recognizes  revenue from oil and gas  royalties  when received on a
cash  basis.  The  Company  recognizes  revenues  related to some minor  working
interests in oil and gas wells as the oil and gas is produced and sold.

The  Company  does  not  have  any  capitalized  costs  relating  to oil and gas
producing   activities  and  are  not  currently  engaged  in  any  acquisition,
exploration  or  development  activities  where  these  types of costs  would be
incurred.  Additionally,  the Company has not  commissioned  a reserve study and
does not anticipate commissioning such a study for the interests that they still
hold due the minor nature of these holdings.

Comprehensive Income (Loss)

Statement of Financial  Accounting  Standards No. 130, "Reporting  Comprehensive
Income,"  requires the disclosure of comprehensive  income to reflect changes in
equity that result from transactions and economic events from non-owner sources.
Accumulated  other  comprehensive   income  (loss)  for  the  periods  presented
represents  unrealized  holding  losses and gains  associated  with  investments
available-for-sale.  There was no tax  expense or tax  benefit  associated  with
these items.

Basic and Diluted Earnings Per Common Share

In accordance  with FAS 128,  basic  earnings per share are computed by dividing
net income by the number of weighted  average common shares  outstanding  during
the year.  Diluted  earnings per share is computed by dividing net income by the
number of weighted average common shares outstanding during the year,  including
potential  common  shares,  which  consisted of stock  options.  The Company has
incurred a loss for the year ended March 31, 2003 thereby  making the  inclusion
of  stock  options  in  the  2003  dilutive  earnings  per  share   computations
antidilutive.

Stock-Based Compensation

At March 31, 2003, the Company has stock options outstanding which are described
more fully in Note 6. The Company has adopted the "disclosure method" provisions
of SFAS No. 123,  Accounting for  Stock-Based  Compensation.  As permitted under
SFAS No. 123, the Company continues to account for stock-based  compensation for
awards to employees  under the  intrinsic  value based method of  accounting  as
prescribed  by  Accounting  Principles  Board  Opinion  No.  25  (APB  No.  25),
Accounting  for Stock  Issued to  Employees.  Stock-based  compensation  paid to
consultants  and other  non-employees  is accounted  for at fair value under the
provisions  of SFAS No. 123.  In December  2002,  the FASB issued  Statement  of
Financial   Accounting   Standards   No.  148,   "Accounting   for   Stock-Based
Compensation-Transition   and  Disclosure"   (SFAS  148),   which  provides  for
alternative  methods to transition  to the fair value method of  accounting  for
stock  options  in  accordance  with  provisions  of  SFAS  Statement  No.  123,
"Accounting  for  Stock-Based  Compensation,"  In  addition,  SFAS 148  requires
disclosure  of the effects of an  entity's  accounting  policy  with  respect to
stock-based compensation on reported net income and earnings per share in annual
and interim financial statements. We adopted the annual disclosure provisions of
SFAS 148 in the financial  statements  for our fiscal year ended March 31, 2003.
The  transition  provisions of SFAS 148 are currently not applicable to us as we
continue to account for  stock-based  compensation in accordance with Accounting
Principles Board Opinion No. 25.

Had  compensation  cost for the  Company's  stock-based  compensation  plan been
determined  consistent  with SFAS No. 123, the Company's pro forma amounts as of
March 31, would have been as indicated:

                                                           2003           2002
                                                      -------------- ---------

Net loss as reported                                  $   (842,812)  $    (80,529)
Pro forma net loss under SFAS 123                     $   (889,939)  $    (80,529)
Pro forma net loss per share under SFAS 123           $      (0.29)  $      (0.03)

Assumptions
  Dividend yield                                                -%             -%
  Volatility factor                                            126%            -%
  Risk free interest rate                                     4.00%            -%
  Expected Life of Option (in years)                            4.7            0.3

Use of Estimates

The  preparation  of  consolidated   financial  statements  in  conformity  with
accounting  principles  generally  accepted  in the  United  States  of  America
requires  management to make estimates and assumptions  that affect the reported
amounts  of  assets  and  liabilities,  disclosures  of  contingent  assets  and
liabilities at the date of the financial  statements and the reported amounts of
revenues and expenses during the reporting  period.  Actual results could differ
from those estimates.

Recently Issued Accounting Pronouncements

In  December  2002,  the FASB issued SFAS No. 148  "Accounting  for  Stock-Based
Compensation-  Transition and  Disclosure".  This statement amends SFAS No. 123,
"Accounting  for Stock-Based  Compensation"  to provide  alternative  methods of
transition  for an entity that  voluntarily  changes to the fair value method of
accounting  for  stock-based  compensation.  In  addition,  SFAS 148  amends the
disclosure  provision of SFAS 123 to require more prominent disclosure about the
effects of an entity's  accounting  policy decisions with respect to stock-based
employee  compensation  on reported  net  income.  The  effective  date for this
Statement  is for fiscal years ended after  December 15, 2002.  The Company does
not expect  the  adoption  of this  statement  to have a material  effect on the
Company's financial statements.

In June 2002,  the FASB issued SFAS No. 146,  "Accounting  for Costs  Associated
with  Exit or  Disposal  Activities."  SFAS No.  146  addresses  accounting  and
reporting for costs  associated  with exit or disposal  activities and nullifies
Emerging  Issues Task Force Issue No. 94-3,  "Liability  Recognition for Certain
Employee  Termination  Benefits  and Other Costs to Exit an Activity  (Including
Certain  Costs  Incurred  in a  Restructuring)."  SFAS No. 146  requires  that a
liability for a cost associated with an exit or disposal  activity be recognized
and measured  initially at fair value when the  liability is incurred.  SFAS No.
146 is  effective  for exit or  disposal  activities  that are  initiated  after
December  31,  2002,  with early  application  encouraged.  The Company does not
expect the adoption of this statement to have a material effect on the Company's
financial statements.

In June 2001,  the FASB issued SFAS No. 143,  "Accounting  for Asset  Retirement
Obligations."  SFAS No. 143 requires the fair value of a liability  for an asset
retirement  obligation to be recognized in the period in which it is incurred if
a reasonable estimate of fair value can be made. The associated asset retirement
costs are  capitalized as part of the carrying  amount of the long-lived  asset.
SFAS No. 143 is effective for years  beginning  after June 15, 2002. The Company
believes  the  adoption of this  statement  will have no material  impact on its
consolidated financial statements.


Note 2 - Marketable Securities

Marketable securities at March 31, 2003 consist of the following:

                                                                         Unrealized
                                            Fair Value        Cost          Gain
                                          -------------- ------------- -------------

Investments available-for-sale            $      317,468 $     313,548 $       3,920
                                          ============== ============= =============

Proceeds from the sale of equity securities were $24,584 and $262,511  resulting
in realized gains (losses) of $827 and $(9,344) during the years ended March 31,
2003 and 2002,  respectively.  During 2003,  the Company  elected to permanently
write  down the value of several of its  investments  available-for-sale  to the
fair market value as of March 31,  2003.  The amount  recognized  as a permanent
write down of  investments  totaled  $743,377 for the year ending March 31, 2003
and has been included as a realized loss on  investments  available-for-sale  in
the accompanying consolidated statements of operations.


Note 3 - Real Estate Held for Sale

The Company owns a 55%  interest in a one-acre,  undeveloped  commercial  lot of
real estate in Thornton, Colorado. On October 22, 2002, the Company entered into
a contract to sell the property for a total purchase price of $560,000,  subject
to the buyer  obtaining  all  government  approvals  and  permits for the buyers
proposed use. The City of Thornton has approved the buyer's  proposed use and is
currently  reviewing  the  development  plans and building  permit.  Pending its
approval,  the Company  expects this  transaction  to be completed in the second
quarter of 2004.


Note 4 - Equity Investment in LLC

Eagle Development  Company is a 25% member and co-manager of a Limited Liability
Corporation which entered into an option agreement to purchase land. This option
agreement  requires  four  $200,000  option  payments from the LLC. The first of
these payments was paid in August of 2001, the second payment was paid on August
20, 2002,  the third  payment was paid on January 15, 2003 and the final payment
is due on January 15,  2004.  All option  payments  are  non-refundable  and are
applied  toward the  $5,000,000  purchase  price.  The LLC was  required  to pay
$25,000 in  earnest  money and may also be  required  to pay up to  $100,000  to
acquire relevant relinquishment agreements, quit claim deeds, applicable surface
use  agreements  or long term  development  leases.  Closure of the real  estate
transaction  is  anticipated  on  or  before  December  15,  2004  assuming  all
obligations  under the  agreement  are performed on a timely basis at which time
the remainder of the $5,000,000 purchase price will be due.

It is the intent of the LLC to improve  the  property  by  obtaining  the proper
entitlements for single and multi family use. During the entitlement process and
upon  completion,  the property  will be  marketed.  The LLC plans to rezone the
property,  plat the  property  for  high-density  residential  use, and sell the
property prior to the expiration date of the option agreement.

As of March 31, 2003, the LLC has capitalized all of its expenditures related to
the real estate transaction. Thus, there has been no income or expense reflected
on the  Company's  financial  statements  related to its  investment in the LLC.
During the year ended March 31,  2003,  the Company  contributed  an  additional
$128,739 to the LLC, bringing its total investment in the LLC to $202,739.

On March 7, 2003, the Company entered into a non-binding letter of intent with a
national  homebuilder  describing,  among  other  things,  the  option to sell a
minimum  of 600 lots on the  property  at a purchase  price of $19,500  per lot,
subject to obtaining final plat and sufficient  water taps pursuant to the terms
and conditions of a Water Resource  Agreement  between the LLC and the Water and
Sanitation District


Note 5 - Income Taxes

The Company did not  provide a current or deferred  federal or state  income tax
provision or benefit for any of the periods presented because it has experienced
recurring  operating losses. The Company has provided a full valuation allowance
on the  deferred tax asset,  consisting  primarily  of the net  operating  loss,
because of uncertainty regarding its realizability.

Reconciliations  between the statutory federal income tax expense (benefit) rate
as a percentage of net loss before income taxes is as follows:

                                                                March 31,
                                                         -----------------------
                                                            2003         2002
                                                         ----------- ------------

Statutory federal income tax rate                             34.0%       34.0%
Valuation allowance                                          (34.0)%      (34.0)%
                                                         ----------- ------------

Effective tax rate per financial statements                      -%           -%
                                                         =========== ============

As of March 31, 2003, the Company has net operating loss carryforwards  totaling
approximately $2,884,000 which expire at various times through 2023.

The Company has a deferred tax asset of approximately  $1,076,000 as a result of
the net operating losses assuming a 34% effective tax rate. There is uncertainty
as to whether the Company  will  generate  sufficient  revenues in the future to
utilize the net operating loss  carryforwards and therefore 100% of the deferred
tax asset  resulting  from the net operating loss  carryforwards  has been fully
reserved.


Note 6 - Stock Options

On July 17, 2002,  the Board  approved the issuance of 275,000  stock options to
certain employees. The purchase price of the common stock was $.20 per share and
exercisable over a five year term. On September 15, 2001, all of the outstanding
stock options expired without being exercised.

The Company has adopted the disclosure-only provisions of Statement of Financial
Accounting  Standards  No.  123,  "Accounting  for  Stock-Based   Compensation".
Accordingly,  no  compensation  cost has been  recognized  for the stock  option
plans.

The following table presents the activity for options:

                                                For the Years Ended
                                                     March 31,
                                 --------------------------------------------------
                                            2003                      2002
                                 -----------------------------------------
                                     Options      Price *      Options      Price *
                                 ------------------------- ------------------------

Outstanding, beginning of year              -  $        -        275,000 $      0.20
Granted                                275,000        0.20            -           -
Forfeited/canceled                          -           -       (275,000)      (0.20)
Exercised                                   -           -             -           -
                                 ------------------------- -------------------------

Outstanding, end of year               275,000 $      0.20            -  $        -
                                 ========================= =========================

* Price reflects the weighted average exercise price.


Note 7 - Commitments

Operating Leases

The Company leases its office space under an operating  lease through August 31,
2003.  Rent  expense  was $12,840 and $13,557 for the years ended March 31, 2003
and 2002, respectively.

Future minimum lease payments under these leases are approximately as follows:

Year Ending March 31,
---------------------

      2004                                               $       3,535
                                                         =============




Item  8.  Changes  in and  Disagreements  with  Accountants  on  Accounting  and
Financial Disclosure.

      The disclosure requirements of Item 304 of Regulation SB are not applicable.



                                          PART III

Item 9. Directors, Executive Officers, Promoters and Control Persons; Compliance
with Section 16 (a) of the Exchange Act.

      The following are the directors and executive officers of the Company.

                       Raymond N.        Paul M.           M. D.
                       Joeckel (1)       Joeckel (1)       Young
                       -----------       -----------       -----

Director since         October, 1979     October, 1979     February, 1990

Position(s) with       President and     Secretary and     Director
the Company            Director          Director

Age                    77                51                79
---------------

(1) Messrs. Raymond N. Joeckel and Paul M. Joeckel, the Company's only executive
officers,  have served as the Company's  President and Secretary,  respectively,
since  December,  1979. The executive  officers of the Company hold office until
their  death,  resignation,  or removal by the Board of  Directors.  There is no
arrangement or understanding between any director or officer or any other person
pursuant to which he was or is to be selected as a director or officer.  Paul M.
Joeckel is the son of Raymond N. Joeckel.

     Raymond N. Joeckel  attended Los Angeles City College and the University of
Southern  California in programs  which did not lead to degrees.  He received an
LL.B. degree from Southwestern University, Los Angeles, California, in 1950. Mr.
Joeckel  joined  Shell Oil Company as a landman in 1950 and became Land  Manager
for the Rocky Mountain region for Shell Oil Company in 1962. He remained in that
position until 1969 at which time he became an independent  oil and gas operator
dealing primarily in oil and gas leases.

     Paul M. Joeckel  received a B. A. degree in Economics  from Colorado  State
University in 1976. During 1976 and until 1977, Mr. Joeckel was self-employed as
an  independent  landman.  From  June,  1977,  until  joining  the  Company on a
full-time basis in January, 1980, Diamond Shamrock Corporation employed him as a
senior landman.

     M. D. Young received a B. A. degree in Geology from  Vanderbilt  University
in 1951 at Nashville, Tennessee. From 1952 to 1960 Mr. Young worked for Gulf Oil
Corporation  as an Area  Geologist.  Subsequently,  he has been a consultant  to
various  companies in the industry.  Mr. Young has also been a working  interest
owner in many wildcat wells in the Rocky Mountain region.  Mr. Young is a member
of the American Association of Petroleum Geologists.

     No  director  serves  as a member of the  Board of  Directors  of any other
company  with a class of  equity  securities  registered  under  the  Securities
Exchange  Act of 1934  ('34  Act) or any  company  registered  as an  investment
company under the Investment Company Act of 1940.

     Section 16(a) of the '34 Act requires  officers,  directors and the persons
who own more than ten percent of the Company's equity securities to file reports
of  ownership  and  changes  in  ownership  with  the  Securities  and  Exchange
Commission  (the  "SEC").  Directors,  officers  and  greater  than ten  percent
shareholders  are  required by the SEC  regulation  to furnish the Company  with
copies of all Section 16(a) reports filed.

     Based  solely on its review of the copies of the reports it  received  from
persons  required to file,  the Company  believes  that during the period  ended
March  31,  2003,  all  SEC  filing  requirements  applicable  to its  officers,
directors and greater than ten percent shareholders were met.


Item 10.  Executive Compensation.

     The following  information  shows the  compensation  of the named executive
officers for each of the Company's last two fiscal years.

                              SUMMARY COMPENSATION TABLE

            ANNUAL COMPENSATION                       LONG TERM COMPENSATION

-----------------------------------------------------------------------------------------

Name                                          Other
and                                           Annual     Restricted                         All Other
Principal                                     Compen-    Stock         Options/    LTIP      Compen-
Position          Year   Salary     Bonus     sation*    Awards        SARs       Payouts    sation
-----------------------------------------------------------------------------------------------------

Raymond N.        2003    N/A        N/A       $4,301      N/A           N/A        N/A        N/A
Joeckel           2002    N/A        N/A       $4,135      N/A           N/A        N/A        N/A
President

Paul M.           2003  $64,000      N/A       $7,668      N/A           N/A        N/A        N/A
Joeckel           2002  $64,000      N/A       $6,633      N/A           N/A        N/A        N/A
---------------

     * Other annual  compensation  does not include the amount  attributable  to
Company cars that the officers are allowed to use.

     It is  anticipated  that salary  payments to officers by the Company during
the next fiscal year for services in all  capacities  will not exceed the amount
set forth in the above table.

     The Company provides medical  insurance for all of its full-time  employees
and executive officers.


Item 11.  Security Ownership of Certain Beneficial Owners and Management.

     The following table sets forth information,  as of June 25, 2003, regarding
the common  stock  ownership  of those  persons  known by the  Company to be the
beneficial  owners of more than five percent of its common stock,  it directors,
and its officers and directors as a group.

Name & Address of          Amount & Nature of            Percent of
Beneficial Owner           Beneficial Ownership          Class
----------------           --------------------          ----------

Paul M. Joeckel            439,599 shares (1)            14.31%
1630 Welton Street         Direct and options
Suite 530
Denver, CO 80202

Raymond N. Joeckel         100,000 shares (2)            3.26%
250 El Camino Real         Options
Suite 218
Tustin, CA 92780

M. D. Young                500 shares                    -0-
800 Pearl Street           Direct
Suite 406
Denver, CO 80203

Paul M. Joeckel, Trustee   1,346,481 shares              43.82%
Joeckel Family Trust       Direct
1630 Welton Street
Suite 530
Denver, CO 80202

Norman K. Brown            354,641 shares                11.54%
3857 46th Avenue, NE       Direct
Seattle, WA 98105

All officers and           1,886.580 shares              61.39%
directors as a group       Direct and options
---------------

(1) Includes 150,000 shares underlying presently exercisable options. See Note 6
to the Consolidated  Financial  Statements.  Also includes 94,122 shares held by
Joeckel Enterprises of which Paul M. Joeckel is the managing partner.

(2) Represents shares underlying  presently  exercisable  options. See Note 6 to
the Consolidated Financial Statements.

     The Company  knows of no  arrangements,  which could at a  subsequent  date
result in a change in control of the Company.


Item 12.  Certain Relationships and Related Transactions.

     There were no  transactions  during the fiscal year ended  March 31,  2003,
required to be reported hereunder.


                                     PART IV


Item 13.  Exhibits and Reports on Form 8-K.

      (a)   Exhibits:


Item No.
Per S-K     Document as Form 10-KSB Exhibit                 Reference
-------     -------------------------------                 ---------

(2)         Plan of acquisition, sale,                       - None -
            reorganization arrangement,
            liquidation or succession

(3)         Articles of Incorporation and By-Laws            (1)

(4)         Instruments defining the rights of               - None -
            security holders, including indentures

(5)         Opinion re: legality                             - None -

(6)         No exhibit required                              N/A

(7)         No exhibit required                              N/A

(9)         Voting trust agreement                           - None -

(10)        Material contracts:

10.02(a)    Colony Square                                    (2)

10.02(b)    Buffalo Highlands, LLC                           (2)


(11)        Statement re: Computation of per                 N/A
              share earning

(12)        No exhibit required                              N/A

(13)        Annual or quarterly reports, Form 10-Q           - None -
            or Form 10-QSB

(16)        Letter re: change in certifying                  - None -
            accountants

(18)        Letter re: change in accounting                  - None -
            principles

(21)        Subsidiaries of the Registrant                   (1)

(23)        Consent of experts and counsel                   - None -

(24)        Power of attorney                                - None -

(25)        Statement of eligibility of trustee              - None -

(99.1) (3)  Certification of President of Company

(99.2) (3)  Certification of President of Company

--------------

(1)  Previously  filed  documents   incorporated  herein  by  reference  to  the
     Company's  Registration  statement  on Form  S-1  (No.  2-67971)  effective
     September 14, 1980,  and the Company's  Reports on Form 10-K for the fiscal
     year ended March 31, 1994, and previous years.

(2)  Filed with the  Company's  Annual Report on Form 10-KSB for the fiscal year
     ended March 31,2002.

(3)  Filed herewith.


Item 14:  Controls and Procedures

The Company,  under the supervision of its President has conducted an evaluation
of the  effectiveness  of the  design and  operation  the  Company's  disclosure
controls and procedures within 90 days of the filing date of this annual report.
Based  upon  the  results  of this  evaluation,  the  Company  believes  that it
maintains  proper  procedures  for  gathering,   analyzing  and  disclosing  all
information in a timely fashion that is required to be disclosed in its Exchange
Act reports.  There have been no significant  changes in the Company's  controls
subsequent to the evaluation date.


                                   SIGNATURES

     In accordance  with Section 13 or 15(d) of the  Securities  Exchange Act of
1934,  the  Registrant  caused  this  report to be  signed on its  behalf by the
undersigned, thereunto duly authorized.

                                    EAGLE EXPLORATION COMPANY



                                    By:/s/Raymond N. Joeckel
                                          Raymond N. Joeckel
                                          President
                                          June 26, 2003


     In accordance  with the  Securities  Exchange Act of 1934,  this report has
been signed below by the following  persons on behalf of the  Registrant  and in
the capacities and on the dates indicated.


                              /s/Raymond N. Joeckel
                              Raymond N. Joeckel
                              Principal Executive,
                              Accounting and Financial
                              Officer and Director
                              June 26, 2003



                              /s/Paul M. Joeckel
                              Paul M. Joeckel
                              Secretary and Director
                              June 26, 2003



                              /s/M. D. Young
                              M. D. Young
                              Director
                              June 26, 2003



                                  EXHIBIT INDEX
                                  -------------


No.         Description
---         -----------

99.1  Certification of President
99.2  Certification of President`